Corporate Tax Lawyers in Essex County
In Essex County, Massachusetts, a "corporation" is an entity that is, under the law, distinct from any of its owners. Basically, this means that the people who own a corporation, and the corporation itself, are distinct "persons."
This concept is referred to as "corporate personhood" in Massachusetts, and it essentially means that, for many purposes under the law, corporations are treated the same as individual people, being subject to many of the same rights and responsibilities.
One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in Essex County, Massachusetts
All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Essex County, Massachusetts have to pay.
Under federal laws that govern corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
The tax rate in Massachusetts for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
In Essex County, Massachusetts, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.
How Can a Essex County, Massachusetts Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.
However, if you are the owner of a smaller corporation in Essex County, you probably can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Essex County, Massachusetts who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi